It seems that just about the whole world and his dog is going to have something to say about corporation tax and whether it is the best way to get companies, particularly multinationals, to contribute their fair share of government tax revenues. Right now, we have everyone from the House of Lords Economic Affairs Committee to the Organisation for Economic Co-operation and Development (OECD) all looking at ways of taxing the likes of Google and Starbucks who can apparently shift profits from one country to the next until they find the lowest rate of corporate tax.

However, while they are busy deliberating about how they can close loopholes or invent new business taxes which provide more fool proof ways of skimming off revenues for the government, the UK’s ruling coalition is aggressively pursuing its own agenda of reducing corporate tax rates to such a low level that companies are hopefully not going to be too bothered about tax avoidance with all the adverse publicity that goes with it.… Continue reading »

Tax Investigation. Those two little words are enough to reduce even hard-nosed city slickers to whimpering heaps. With HMRC currently driving ahead and looking to vigorously pursue any believed tax evasion and fraud, a tax investigation seems like a more likely proposition than it did a few years ago.

Unless you’ve been unlucky enough to be picked at random, if HMRC comes a-knocking you can guarantee they’ve had their suspicions raised and are out to go over everything with a fine-toothed comb. It can be a harrowing experience for many people. Just look at what happened to poor Alan Partridge. Within seconds of the taxman (or in his case ladies) visiting, the fictional failed TV presenter cum local radio DJ was talking to himself, pretending to be R2D2 and breaking wind all over the place.… Continue reading »

Many of the Fortune 500 companies are currently using international tax planning to save them heaps of money annually. By utilizing the tax benefits provided by foreign jurisdictions, each of those companies is able to legally reduce their tax burden. What’s more, this same method used by the biggest companies in the world is just as useful and practical for entrepreneurs, both big and small.

Why the need for offshore/foreign tax planning?

Paying taxes can be a stress-inducing headache. However, as tax laws are designed to be domestic in nature, investing financial capital in a foreign country can simplify the whole process and reduce your tax burden at the same time.… Continue reading »

If you use cars, trucks, or vans as part of your small business and you plan to write your vehicles off on your taxes, there are several important considerations. Most people think that if they’re a business owner and not an employee, vehicle write-offs are much simpler, but that’s not always the case. You might have at least one vehicle that serves both business and personal uses. You might have company cars owned by your business or partnership. You might want to write off the mileage you pay to employees who use their own vehicles. Knowing the rules and limitations when it comes to business vehicles and your taxes can save you a lot of time and get you the maximum refund you deserve.… Continue reading »

For the multi-faceted small business owner and entrepreneur there is always that moment during the year when your business is seemingly put on hold. Make no mistake, the world keeps spinning around and ahead of you, but you’re stuck doing tax prep at a time when you should be out searching for more customer and drumming up more business. Without expert knowledge, small business taxes can be one of the most time-consuming, seasonal pieces of your business, especially if you are unprepared when the time comes. Eliminating the potential hiccups in your business tax strategy requires proper planning and concerted effort in preparing.… Continue reading »

Running a business can be hard enough without the IRS breathing down your neck. Small business owners always know that saving money on their taxes is one of the best ways to make sure they retain the highest amount of profits in the business. Ensuring your business is run by reputable people is great, but the most heavy cost to small business is personnel, including those who prepare the books. Here are four great reasons to contract with a small business bookkeeping and tax preparation service.

1. Specialization drives value

The more you are able to specialize, the more you will be able to make.… Continue reading »

Most people must have filed their federal income tax return. Many people have a lot of questions and concerns about their returns and when they will get them. The solution to these concerns is to track your federal income tax refund in a proper manner. You should also have ample knowledge on how you will get your refund.

See below the answers of your income tax refund questions:

How to Check the Status of Your Federal Tax Return

Check whether you have filed a federal tax return or not as it is crucial for your financial position for the long term.… Continue reading »

Anyone who is new to owning and running their own business knows that there are going to immediately be a lot of things on their plate. One aspect of being a small business owner that most people do not look forward to is paying their taxes.

If you have the assets available, it is always recommended to hire a professional to help you sort out your taxes, especially during your first several years of running the business. However, educating yourself about some aspects of the taxation process ahead of time will ensure that you are getting everything you can out of it.… Continue reading »

While no entrepreneur is cut from the same cloth, there are similarities in many of them which allow them to succeed above and beyond the general populous. As a group, small business owners are generally very resourceful with both their time and their monetary resources. That means that those who run their own businesses often are able to outsource and contract many of the duties that are not within their core understanding or competency.

One area where this is of acute importance for nearly ever small company is when it comes to small business taxes. Here are a few good reasons.… Continue reading »